Previous article Uniswap price analysis: UNI hits new all-time high above $34 Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Uniswap price analysis: UNI hits new all-time high above $34 Uniswap price analysis: UNI hits new all-time high above $34 By - min read 08 March 2021 UNI price rose to $34.87, an all-time new high that also saw Uniswap break into the top 10 cryptocurrencies by market cap Uniswap’s UNI token has reached a new all-time high of $34.87 after rallying 12% in the past 24 hours. This milestone for the DeFi token comes after it surged by over 50% this past week, a feat that saw Uniswap break into the top ten of the largest cryptocurrencies by market capitalisation. UNI currently ranks as the eighth largest with a market cap of $17.5 billion, ahead of Litecoin (LTC) with $12.4 billion and just behind XRP with $21 billion. At the time of writing, UNI is trading around $33.70, with bulls likely to retest the all-time high as the market gears up for the launch of Uniswap’s V3 upgrade. Uniswap price daily chart UNI/USD rallied to the new all-time high of $34.87 after breaking above overhead resistance near $29. The retreat to lows of $33.30 suggests that the appetite for profit taking has been high in the latter hours of the Asian trading session. UNI/USD daily chart. Source: TradingView The RSI however remains in the overbought territory despite a slight slope. This indicates bulls hold the advantage and a flip higher would allow for further gains. The MACD meanwhile supports a fresh upside, with the indicator showing a bullish crossover and the histogram printing successive green bars. If the UNI/USD pair holds above $33, they can swiftly attack barriers at $35 and $38, with the successful breaking of these hurdles allowing for an upside move to $46. On the downside, increased profit-taking could see prices dip to support at $30. Failure to hold this level could put UNI/USD at risk of further damage, likely towards the 20-day EMA ($26.28). If such a scenario unfolds, sellers may push towards $22 and then $20. Uniswap price 4-hour chart The 4-hour chart suggests sellers are intent on keeping prices below $34, with the immediate outlook suggesting a dip to support at $32.92. UNI/USD 4-hour chart. Source: TradingView Bulls are trying to defend gains just below the upper boundary of an old ascending parallel channel. This negative perspective will strengthen if bears sink UNI/USD below the middle line of the channel, touching support at the 20-day EMA ($30.55). If this happens, extended selling pressure could push the DeFi token beyond the lower support of the channel. The 50-day EMA ($28.17) would provide the next support zone, with short-term declines likely to extend to $26. On the contrary, a rebound to the upper boundary of the ascending parallel channel could allow bulls to retest overhead resistance at $35 and potentially target $40. Share this article Categories Analysis